Government of India and World Bank officials. Credit: World Bank.

The Government of India has entered a $125m agreement with the World Bank to advance the country’s biopharmaceutical and medical devices industry.

The partners will focus on the development of technology to drive affordable healthcare in the country as part of the Innovate in India for Inclusiveness Project,

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The project will complement India’s Biotechnology Industry Research Assistance Program (BIRAC) established to form strategic partnerships with innovative start-ups and other companies.

It will work to enable more collaborative research and development (R&D) and harness the expertise of local and international organisations from both the public and private sectors.

“This landmark collaboration between the Department of Biotechnology and World Bank will further catalyse this ecosystem to develop new vaccines, diagnostics and core R&D technologies.”

BIRAC will allow the continuous development of a pipeline of health care products to make the country a ‘low-cost healthcare provider’ and help India’s biopharmaceutical and medical devices industry compete internationally.

Department of Biotechnology secretary Renu Swarup said: “This landmark collaboration between the Department of Biotechnology and World Bank will further catalyse this ecosystem to develop new vaccines, diagnostics and core R&D technologies of medical technology devices while strengthening the existing infrastructure and building collaborative partnerships in parallel.”

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The latest collaboration will boost technical skills, offer shared facilities for companies carrying out clinical validation, and facilitate the use of new technologies and licensing models from across the globe.

It will also match clinical trial sites with advisor networks and international organisations and support academia, start-ups, and small and medium enterprises by strengthening their research capabilities to develop affordable healthcare products.